Louisiana governor Jeff Landry signed a package of insurance reform bills Tuesday aimed at encouraging insurers to write more business in the state’s property market.
The legislation, endorsed by Louisiana Insurance Commissioner Tim Temple, will give property insurers more flexibility over policy cancellations, replace a prior approval rating method for a a file-and-use system, and establish a tighter process for insurers to initiate loss adjustments.
“Louisiana is not healthy and it’s certainly not competitive,” Temple said at a news conference. “These bills were all designed to restore confidence back in the Louisiana marketplace.”
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